Real Estate Group Top 10 2022 Highlights
In 2022 , we handled exciting and significant projects for industry leaders such as Texas Medical Center , Navigator CO2 Ventures , Crescent , Equinor , Lincoln , Rockland Capital and many others . Some of our favorite projects included :
1 . Lincoln Property Company Commercial , Inc . – we are representing Lincoln Property Company Commercial , Inc . in the negotiation of a joint venture and development management agreement in connection with Waller Creek Development at 98 Red River St . in downtown Austin , Texas . The skyscraper , Waterline , will be the tallest building in the state and will rise 1,022 feet , or 74 floors , above a 3.3-acre lot near the Rainey Street district . At ground level , Waterline will feature two floors and 24,000 square feet of publicly accessible retail and restaurant space . The next 13 floors of the tower will be occupied by 1 Hotel Austin , a 251-room luxury hotel with a ballroom , meeting spaces and a rooftop pool .
The tower is seeking LEED Gold certification , which is the second-highest certification recognizing buildings that save money , improve efficiency , lower carbon emissions and create healthier places for people . Additionally , the co-developers ( Lincoln and Kairoi Residential LLC ) will contribute $ 1 million to the Waterloo Greenway in order to help fund improvements to the 1.5-mile trail that will connect the University of Texas at Austin to Lady Bird Lake . The Public Sector Pension Investment Board , one of Canada ’ s largest pension investment managers , is the main equity partner in the project . Blackstone Mortgage Trust Inc . provided the construction loan for the project . The tower is expected to be completed in August 2025 for a total estimated cost of $ 520 million .
2 . Navigator CO2 Ventures LLC – we are representing Navigator CO2 Ventures LLC , a portfolio company of BlackRock Global Energy & Power Infrastructure Fund III , on real estate matters in connection with transactions and agreements necessary to develop an industrial scale carbon capture pipeline system ( CCS ). Valero Energy Corporation will be the primary anchor shipper . Navigator is expected to lead the construction and operations of the system and anticipates operations to begin late 2024 . This CCS project is one of the first large-scale , commercially viable , carbon pipelines to be developed in the United States .
The initial phase is expected to span more than 1,200 miles of new carbon dioxide gathering and transportation pipelines across five Midwest states ( Nebraska , Iowa , South Dakota , Minnesota and
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Illinois ) with the capability of permanently storing up to 5 million metric tons of carbon dioxide per year . The proposed system plans to transport liquefied carbon dioxide through the pipeline , ranging from 6 ” to 16 ” in diameter , for delivery into a central sequestration facility contemplated to be in south-central Illinois . At full capacity , the CCS will have the ability to capture and store enough CO2 to be the equivalent of removing approximately 2.6 million cars from the road per year or planting 550 million trees per year or eliminating carbon footprint of Kansas City 1.5 times over .
3 . Texas Medical Center – we are representing TMC in connection with the development of a 37-acre biomedical innovation and commercialization campus known as TMC3 . The project will make Houston a hub for biomedical breakthroughs and is estimated to be completed in 2022 . It has been reported that TMC3 will drive billions of dollars into the Houston economy and create nearly 30,000 new jobs . The facility will be a cooperative development between TMC and three public medical institutions : Texas A & M University Health Science Center , University of Texas Health Science Center at Houston and University of Texas MD Anderson Cancer Center . The campus will be focused on fostering innovation and collaboration and hopes to pioneer medical advancements including genomics , regenerative medicine and data science . TMC will also be entering into additional agreements , including with a private party for the development , lease and operation of a hotel and conference room facility to serve TMC and the TMC3 project .
4 . Crescent Real Estate Equities Ltd . – we represented an affiliate of Crescent Real Estate LLC in its acquisition of The Crescent ® office and mixed-use development property in Dallas ’ Uptown District . Crescent , which was founded in the early 1990s to build a real estate portfolio during the market decline , has been actively involved in the ownership , leasing or management of The Crescent for 30 years . The Crescent ® is a high-profile landmark in the Uptown bracewell . com